Must-Have Features of a Contract Management System
Posted On April 21, 2019
Any company that juggles various contract portfolio should consider investing in a contract management system. In this modern time, there are affordable and practical solutions that are certain to meet the requirements of any business that’s engaged actively in contracting business.
What a Good System must Always Have?
Regardless of the industry or size of your firm, there are specific features that play a more important role than others. On the other hand, there are of course features that are standard and extremely useful for everyone. These features are discussed in the next lines.
Data security has always been a hot topic. This is raising more concerns especially in today’s time where almost all sorts of systems and accounts can be infiltrated by hackers. With the value and sensitivity of the information that the software has, it is just fitting that this comes with top-notch data security to stop security breach.
This is a must-have feature as it serves as an additional layer of security. With its integration, contract database admin has the power of granting, revoking and restricting every individual access to the database and/or documents stored in the system.
By having control in the system, it allows the contract management team to limit dissemination or inappropriate review of contracts as well as other related documents.
Needless to say, another aspect of maintaining control and contract security relates to monitoring all activity that occurs in the online contract database.
This is feasible if the software is offering activity tracking feature which is otherwise known as an audit log.
Its purpose is to capture and record all activities that have occurred in the data room.
Meaning to say, every login that has occurred, text that’s been modified, a document that’s been downloaded and everything in between will be time-stamped, recorded and captured enabling the creation of an easy-to-view report.
While this is not actually a feature built in the system, but it must be a part of the service package you bought. Even advanced and state-of-the-art systems are encountering issues every now and then. In such an instance, only those who have extensive subject matter expertise can resolve the problem. Of course in this regard, they come in the form of tech support.